Keith Olbermann was fired from his hosting duties at Current TV but has vowed to file "legal actions" against the cable network's founders Al Gore and Joel Hyatt.

Olbermann had been on the network for just over a year.

In an open letter released Friday, Gore and Hyatt said the network was "founded on the values of respect, openness, collegiality, and loyalty to our viewers. Unfortunately these values are no longer reflected in our relationship with Keith Olbermann and we have ended it."

Olbermann said the program he hosted, "Countdown with Keith Olbermann" was doing well.

"It goes without saying that the claims made against me implied in Current's statement are untrue and will be proved so in the legal actions I will be filing against them presently," he wrote in a message posted initially to his Twitter account.

Olbermann explained his view of his working relationship with Gore and Hyatt. The pair did not directly comment on specifics of their relationship in their statement.

"Editorially, Countdown had never been better. But for more than a year I have been imploring Al Gore and Joel Hyatt to resolve our issues internally, while I've been not publicizing my complaints, and keeping the show alive for the sake of its loyal viewers and even more loyal staff. Nevertheless, Mr. Gore and Mr. Hyatt, instead of abiding by their promises and obligations and investing in a quality news program, finally thought it was more economical to try to get out of my contract," he said.

Olbermann said his decision to join Current TV "was sincere and well-intentioned on my part, but in retrospect a foolish one."

Gore and Hyatt said former New York Gov. Eliot Spitzer would be replacing Olbermann's program at 8 pm ET/5 pm PT.

They called him an "astute observer of the issues of the day. He has important opinions and insights and he relishes the kind of constructive discourse that our viewers will appreciate this election year."

Tags: Keith Olbermann